A cluster of investors is extending a potential financial rescue to Sherritt International Corp. following the impact of U.S. sanctions on Cuba that have affected the Canadian mining firm.

In late June, a group comprising an undisclosed U.S. anchor investor, Kyma Capital Ltd., Trifon Natsis, and Glencore Ltd. disclosed that they have presented a preliminary recapitalization plan to Sherritt’s board of directors. The consortium indicated that the proposal has been under consideration by the board and is being made public to allow the company’s stakeholders, including shareholders and employees, to evaluate the available options.

Should the proposed agreement be approved, the investor group aims to collaborate with Sherritt in fortifying its financial structure and liquidity. Additionally, they intend to sustain and improve the operations of Sherritt’s Fort Saskatchewan refinery in Alberta and its North American facilities for nickel and cobalt processing.

Sherritt had previously stated that it required a substantial infusion of new capital to support the reopening of its Alberta refinery and Cuban joint venture, both of which had been suspended due to heightened U.S. pressure on Cuba.

The Toronto-headquartered company disclosed ongoing discussions with its primary lenders and noteholders concerning a restructuring initiative designed to stabilize its financial position and resume regular activities once conditions allow. As a consequence of depleting its feed inventory supply from the Moa mine in Cuba, Sherritt had announced the temporary shutdown of its Fort Saskatchewan refinery.

Operations at Sherritt’s Moa joint venture in Cuba had been halted earlier in the year due to fuel shortages in the country, triggered by the U.S. blockade on Venezuelan oil imports in January.